Renovation and new ownership revamp two high-profile Prague hotels

Prague’s hotel market is witnessing significant transformation with two major developments: the reconstruction of the former InterContinental Hotel into the Fairmont Golden Prague and the acquisition of Hilton Prague—the largest hotel in Czechia—by the real estate arm of investment firm PPF. These moves reflect a broader trend of strategic investments in high-profile hospitality assets in the Czech capital.

The new Fairmont Golden Prague, set to open in early spring, marks the culmination of a four-year, CZK 4 billion renovation led by R2G investment group. The project, which began in 2018 with the acquisition of the property for CZK 6 billion, represents the most expensive hotel investment in Prague’s history.

Architect Marek Tichý and TaK Architects oversaw the extensive reconstruction, blending modern amenities with the preservation of unique historical elements. A highlight includes the restoration of the original façade designed by Czech artist Zbyněk Sekal, now digitally recreated. The hotel’s interior will feature bespoke furnishings and art installations, including lighting by Demartini and glasswork by Lasvit.

Beyond accommodations, the hotel will house luxury retail outlets such as Grenardi, Damiani, and Pasquale Bruni, enhancing its appeal to high-end clientele. Additionally, the redevelopment of the surrounding area, including a new glass pavilion and improved access to the Vltava River, underscores the project’s urban significance. 

Meanwhile, PPF Real Estate’s acquisition of Hilton Prague signals a strategic move into the hospitality sector. The deal, valued at approximately EUR 300 million (CZK 7.5 billion), positions PPF as a key player in Prague’s tourism and congress tourism markets.

Hilton Prague, the largest hotel in the Czech Republic, boasts nearly 800 rooms, over 7,000 square meters of conference space, and six dining establishments, including a rooftop bar with panoramic city views.

Its history, spanning construction in 1991 to recovery from the 2002 floods, illustrates its resilience and significance in Prague’s hospitality landscape. PPF says it plans to integrate Hilton Prague into its broader real estate strategy. 

The hotel, built in 1991, was among the first Czech buildings financed with Western European capital. In 2004, Irish billionaire Seán Quinn acquired the Hilton and the Ibis hotel for EUR 145 million (CZK 3.6 billion).